Remittance to cross $15b by fiscal end: BB

The central bank estimates that the country's overall inward remittance will cross US$15 billion-mark by the end of the current fiscal year (FY), 2014-15, as various moves have been taken to increase its flow.
"We expect that the flow of inward remittance might cross $15 billion-mark by the end of this fiscal," Bangladesh Bank (BB) executive director Ahsan Ullah told the FE on Wednesday.
The central bank estimated the figure on the basis of last nine months' remittance flow that registered a 7.21 per cent increase over the corresponding period of the previous fiscal.
The remittance flow rose to $11.25 billion in the July-March period of the current FY from $10.49 billion in the same period of the previous fiscal.
Meanwhile, the country received $483.73 million as remittance between April 01 and April 10 from Bangladeshi nationals working abroad, according to the central bank's latest statistics.
The BB executive director hopes that the remittance inflow might touch $1.40 billion by the end of this month, if the existing trend continues.
Stable exchange rate of the local currency against the US dollar has contributed to raise the remittance flow, he explained.
"We're providing policy support through giving permission to the banks for setting up exchange houses and drawing arrangements abroad to expedite the remittance inflow."
Mr. Ahsan Ullah also noted that the upward trend of inward remittance may continue in the coming months, as the overseas exchange houses and drawing arrangements are functioning properly.
Currently, 35 exchange houses, owned by Bangladeshi banks, are operating across the world, and they have also set up 1,074 drawing arrangements abroad to expedite the remittance inflow.
BB earlier took a series of measures to encourage expatriate Bangladeshis to send their money home through formal banking channel instead of illegal 'hundi' system to boost the country's foreign exchange reserve.
In FY 14, the remittance inflow declined by 1.61 per cent to $14.23 billion from $14.46 billion of a year back due to political turmoil and static trend of manpower export.
On the other hand, Bangladeshi overseas workers remitted $14.92 billion in the calendar year 2014, marking a 7.91 per cent growth over that of the previous year, the BB data showed.
According to the World Bank's (WB) latest report, released on April 13, the South Asia region is projected to receive $120 billion in remittance in 2015, at a slower growth pace of 3.7 per cent, compared with 4.5 per cent in the previous year.
The latest issue of WB's Migration and Development Brief mentioned that large-scale construction activities and fiscal expansion in the Gulf Cooperation Council (GCC) countries, account for 60 per cent of total remittance to South Asia. Besides, improving economic prospects in the United States will continue to support remittance inflow to the region.
Partly due to the appreciation of the Indian Rupee, remittance growth to India, the world's largest recipient, slowed to 0.6 per cent in 2014 (from 1.7 per cent in 2013), amounting to $70 billion, according to the report.
In contrast, remittance soared to Pakistan (by 16.6 per cent), Sri Lanka (9.6 per cent) and Bangladesh (8.0 per cent).
Remittance is extremely important for several countries in the region, like  Pakistan, Sri Lanka, Nepal and Bangladesh, as remittance exceeded 6.0 per cent of their GDP in 2013, WB opined quoting the latest available data.
"Growth in remittance to the region is expected to pick up to $126 billion in 2016 and $132 billion in 2017," WB projected.
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